Original-Research: S Immo AG (von NuWays AG): BUY

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Original-Research: S Immo AG - von NuWays AG

Einstufung von NuWays AG zu S Immo AG

Unternehmen: S Immo AG
ISIN: AT0000652250

Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 30.11.2023
Kursziel: EUR 17,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung: 
Analyst: Philipp Sennewald

Strong Q3 and another acquisition; chg.
Yesterday, S IMMO released a strong set of Q3 results, showing continued
top-line growth as well as significantly improved operating profitability.
Moreover, the company announced the acquisition of another portfolio in the
CEE region.
Q3 total revenues increased 24% yoy to EUR 81.1m (eNuW: EUR 79.8m) which was
mainly driven by last year's acquisitions in the CEE region, resulting in a
rental income increase of 24% yoy to EUR 49.0m (eNuW: EUR 47.5m). Notably, Q3
revenues from hotel operations continued to recover post Covid, as segment
sales increased 26% yoy to EUR 18.5m (eNuW: EUR 19.0m) while the segment's
operating margin significantly improved by 8.9pp yoy to 29.9%.
Against this backdrop, FFO was up 34% yoy to EUR 25.1m, which was however
below our estimate of EUR 28.3m. The gap is mainly explained by negative FX
effects to the tune of EUR 2.9m. The still overproportionate FFO increase is
based on reduced property operating as well as SG&A expenses.
While the operating business remains on a strong level, the company
provided further positive newsflow with another major CEE acquisition. As
flagged in our recent preview note, the company signed an LOI for a Czech
portfolio. Meanwhile, the deal for the 11 properties, which comprise a
lettable area of 138k sqm, has been signed. The portfolio is currently
valued at EUR 481m an generated rental income of c. EUR 29m. With this, S IMMO
acquired properties with a total annual rental income of c. EUR 50m YTD.
The new acquisitions are seen to be mainly financed with the proceeds from
the current disposal program in Germany. While properties worth EUR 621m have
already been sold, EUR 400m are still in the disposal pipeline (eNuW: EUR 250m
of which in Germany). As a quick reminder, yields in CEE are on average
3-4pp higher compared to German residential. Hence, the rebalancing of the
portfolio (e.g. selling German properties & buying CEE properties) should
substantially increase annual rental income, thus creating significant
shareholder value.
We confirm our BUY recommendation with an unchanged PT of EUR 17.00 based on
NTA and DDM.

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Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden


Kontakt für Rückfragen
NuWays AG  - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. 
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.


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